Friday, April 20, 2012
Wednesday, April 11, 2012
Navy's Peary Court development under contract
As of Monday, the Peary Court neighborhood in Key West is under contract for sale to a private development company, according to an attorney working on the deal for the U.S. Navy's housing partner, Southeast Housing LLC.Southeast is part of Balfour Beatty Communities, which develops and manages housing for the U.S. Navy. David Paul Horan, Southeast's Key West-based counsel, confirmed the 157-unit Old Town neighborhood is under contract with White St. Partners LLC but said details such as a purchase price are still being worked out."It has not been closed," Horan said. "It's just under a type of contract where we can work with them towards getting it ready to close on the sale. It could be months from now." White St. Partners LLC comprises Miami real estate moguls Paulo Melo and Nelson Stabile, and Everett Atwell, former CEO of the Cortex Cos. Cortex developed the Harbor House, Kings Pointe Marina, Sailfish Club and Conch Harbor Marina in Key West; the Fiesta Key KOA; and Anglers Reef in Islamorada.In 2008, Cortex defaulted on a $39 million loan intended to finance the purchase and renovation of the Playa Crystal resort in Key Largo. In the mid-2000s, Cortex bought up the former Jabour's Trailer Court on Caroline Street in Key West with ambitions of developing multimillion-dollar condos, which ultimately fell apart.The lot still sits vacant except for one model unit. Developer Pritam Singh is working to develop a 96-room hotel on the property.Last year, the Navy said it would sell the gated Peary Court, situated between White Street and Palm Avenue.City staff is still working out potential zoning designations for the neighborhood, along with other land-use rules that could guide future use of the property. Also at stake is whether the Key West City Commission will mandate that 30 percent of the Peary Court units be designated as affordable for income-eligible residents. by Sean Kinney
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